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Today's Shanghai copper main contract 1704 rushed back down, closing down to 48680 yuan / ton, down 440 points, or 0.
9%, from the settlement price of the previous trading day, holding 228912 lots, reducing positions by 264 hands per day, and the trading volume was 376604
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1703 contract and the 1704 contract narrowed to 120 yuan / ton, indicating that the willingness of forward contracts to resist decline has weakened
.
Externally: Asian Lun copper oscillated around 6050 US dollars / ton, of which the 3-month London copper rose to 6096 US dollars / ton, now trading around 6047 US dollars / ton, still stable above the main moving average group, the upper rebound resistance focus on 6200 US dollars / ton, support focus on 5950 US dollars / ton
.
In terms of positions, on February 14, the position of London copper was 325,000 lots, an increase of 3,646 lots, indicating that the bulls led the rally
.
Macro: The Asian dollar index fell under pressure, falling as low as 100.
87 and now trading at 100.
89
.
In addition, last night, according to the latest data from the US Department of Labor, the US CPI in January was 0.
6% month-on-month, sharply higher than expected and the largest increase since February 2013
.
The January CPI also rose further to 2.
5% year-on-year, the biggest increase since March 2012
.
On the industry front, unions said on Wednesday that a new round of negotiations at the Escondida copper mine in Chile, the world's largest copper mine, has been postponed and could start as early as Saturday; According to the latest report by the World Bureau of Metal Statistics, the global copper market was oversupplied by 58,000 tons in 2016 and 141,000 tons in 2015
.
In terms of market: on February 16, Shanghai electrolytic copper spot traded at a discount of 220 yuan / ton - 50 yuan / ton for the month's contract, the transaction price of flat water copper was 48740 yuan / ton - 48880 yuan / ton, and the transaction price of premium copper was 48800 yuan / ton and 49000 yuan / ton
。 Shanghai copper flat sorting, holders to maintain stable shipments, the first day after the month, good copper is still favored by speculators, the price is relatively firm, after entering the second trading period, flat water copper actively reduce the discount to seek transactions, and good copper price difference to more than 150 yuan / ton, wet copper lack of interest, and flat water copper price difference widened to more than 200 yuan / ton, the market transaction is general, downstream gradually enter the market
.
The main contract of Shanghai copper traded sideways in the morning, and fell sharply at midday driven by London copper, reflecting that the market speculation Chilean copper mine strike heat faded, while new hot spots have not yet appeared, coupled with downstream transactions have always been weak, the mood of rushing high is suppressed
.
Technically, positions remain high, and a recovery in the future market can brew.
Operationally, it is recommended that the Shanghai copper 1704 contract be retraced to buy, with a position opening reference of 48,500 yuan / ton and a stop loss reference of 48,000 yuan / ton
.
